Crypto market update for March 21: Bears and Bulls collide keeping BTC in USD 6000- USD 6500 range

As the global markets and economy continue to struggle with the developments around the Corona Virus, crypto markets were in the zone of their own. Being a weekend and with other asset markets closed, it was difficult to compare the crypto markets with asset movements. After a super swing of over USD 1500 yesterday, the volatility in the market continues to rise. Most coins followed the same trend as the BTC and all top ten coins were in red (while going to press) each shedding between 4% to 7%. The direction of the market is pretty range-bound as bulls and bears continue to battle between the resistance and support zones.

 

Bitcoin

Bitcoin that was on a bounce-back rally for 4 days, shed its greens as bulls moved to the side and the bears took command. Over the past 24 hours, Bitcoin did take a dip to peep below USD 5900 only to rise back to settle close to USD 6200. On the upside too, the BTC touched USD 6400 only to slide lower. As of now, USD 7000 looks a little distant will BTC continues to stick over USD 6000.

At the time of writing, Bitcoin was stationed at USD 6205 with a loss of 4.56 % over the last 24 hours. Its market capitalization stood at $113.45 billion and BTC dominance was recorded at 65.00% of the total market value.

 

Ethereum

Just like BTC, Ethereum also was pretty much in the range of USD 10 after having a cruel erratic session yesterday. The second-largest coin by market cap did lose a lot of steam from its USD 150 zones to be trading close to USD 125- USD 130  zones forming a comfortable base at close to USD 120. The range is pretty clear herewith as the coin reverses at it touches USD 120 on the downside and USD135 on the upside at least in the last 24 hours.

 

At the time of writing, Ethereum was trading at USD 132.67 with a loss of 5.52% over the last 24 hours and its market capitalization stood at $14.61 billion.

 

XRP

Again following the same trend of all major coins, XRP, the third-largest coin by market cap lost all its gains from which took at close to USD 0.164. with pressures coming in from the bears above USD 0.16, XRP collapsed to its comfort zone of USD 0.155. While the range in XRP is pretty small, over the last 24 hours the coin did touch a high of USD 0.168541 and a low of USD 0.149187.

At the time of writing, XRP  was trading at USD 0.157427 with a loss of 4.92% over the last 24 hours and its market capitalization stood at $6.90 billion.

 

While XRP was shedding some of its gains during the day, the CEO of Ripple, the parent company of the XRP, Brad Garlinghouse tweeted saying that Ripple does consider the health of its staff as a priority and hence has asked them to work remotely from their homes to reduce the spread of COVID-19. He also mentioned that even with all the changes around, the company continues to serve its customers.

 

Among the top moving coins over the last 24 hours

 

The biggest gainers were

– WhiteCoin (XWC) – 817.42%

– Akropolis (AKRO)- 56.99%

– DAO.Casino (BET) – 48.42%

 

The biggest losers were

– Electrum Dark (ELD) – (66.19%)

– Storeum (STO) – (61.51%)

– Volume Network (VOL) – (61.43%)

 

Where do you see the market moving in the next 24 hours?

Related articles

Congratulation Bitcoin just underwent “Halving “and changed some facts forever

If someone has followed the cryptocurrency space for over a year, he would have definitely heard about the most awaited event in cryptocurrency- The Bitcoin Halving. Yes, it is a life-changing event for the largest […]

Learn More

Why an INR pegged Stablcoin can be India’s Truefriend in Crypto Industry.

Why an Indian Stablecoin Is the Need of An Hour? There are a lot of people who believe cryptocurrencies are important and hold a very vital position in the future economics of money. Many people […]

Learn More

Happy Independence Day India- After 74 years its now time to achieve Digital Independence via Blockchain and Stablecoin

It was year 2010 when Santoshi Nakamoto released a research paper for discussion about creation of a P2P payment network that was different and independent of financial institutions or central authorities. Little did he knew […]

Learn More